LAW 603 Lecture Notes - Lecture 6: Employment Contract, Fiduciary
11 Feb 2014
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Chapter 20: agency and other methods of carrying on business. Agent: person who acts on behalf of someone else for some specific purpose: can have legal authority to bind principal to a contract (ex. Sales rep at car dealership binds manager/dealership to contract to customer: can also not have authority to enter into legal obligations (ex. Real estate cannot force you to sell house at particular price, they are just responsible for assisting with sale) Principal: person whom an agent represents for some specific purpose. Agency: legal relationship between a principal and an agent. Express agreement including scope of agent"s authority and remuneration. : principal and agent that sets out the terms on which the agent is appointed, o o: commercial representation agreement. If relationship is to last longer than a year, must be in writing. If agent has authority to sign cheques on behalf of principal, agreement must be in writing is a form of express agency.
